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Wednesday, January 25, 2023

Here’s why Ganesh Balkrishnan sold his full inventory after declining Shark Tank offer

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So far in Shark Tank India season 2, there have been several pitches from start-ups in many sectors. But one that got everyone’s attention was from Ganesh Balkrishnan,  an IIT and IIM alumnus and the founder of Flatheads.

Season 2 of Shark Tank India is now airing on the SonyLIV platform. There have been several pitches from start-ups across many verticals this season, but one that drew everyone’s attention was from Ganesh Balkrishnan, the creator of Flatheads and an IIT (Indian Institutes of Technology) and IIM (Indian Institutes of Management) graduate.

Flatheads, a shoe brand composed of permeable fibres, was founded by Balkrishnan. Everyone watching Shark Tank India has been raving about him and his bravery in talking about a loss-making firm on TV since he pitched his idea. Balkrishnan marketed his company as a loss-making venture that would bankrupt most entrepreneurs. However, his energy and determination to turning the loss-making enterprise into a thriving one drew a warm reception. So much so that the whole inventory of Flatheads was sold out in only two days after the show aired.

Balkrishnan announced the news on LinkedIn and congratulated Shark Tank India and the Sharks, including Anupam Mittal, Vineeta Singh, Peyush Bansal, Namita Thapar, and Aman Gupta. “We’ve practically sold out of our inventory in India, so please excuse us if you can’t locate your size on www.flatheads.in. It would be fantastic if you could convince your friends in the US and UAE to test our sneakers,” he said on LinkedIn.

Balkrishnan said in another post, “After the Shark Tank India episode aired on Friday, there has been an extraordinary surge of compassion and support across the country. In addition, we’ve gotten unprecedented organic traffic to our Flatheads website! I’m thrilled to report that we’ve sold out of our last few pairs of shoes in just two days! And our CAC was zero for the first time ever!”

Despite owning a losing business, Balkrishnan received two offers on Shark Tank India, but turned them down in order to accept a job and learn the fundamentals of business. Anupam Mittal, creator of Shaadi.com and People Group, Vineeta Singh, inventor of Sugar Cosmetics, and Peyush Bansal, founder of Lenskart, all made him an offer.

While most entrepreneurs would have accepted the offer, Balkrishnan listened to boAt founder Aman Gupta, who urged Flatheads founder obtain a job and learn the fundamentals of business before moving on with his venture.

Gupta discussed his entrepreneurial story with Balkrishnan, which encouraged him even more. Gupta recalled taking a job to save money and relaunch his unsuccessful firm. Gupta also stated that there is nothing wrong with getting a job if someone’s firm is not performing well. It is not a sin to seek for work.

The boAt CEO explained on the Shark Tank India Season 2 episode, “When my enterprises failed, I got a job, saved money, and started a new firm.”

Inspired by the concept, the Flatheads co-founder declined the Shark Tank offer and stated that he would take a job, save money, and return to his shoe business stronger.

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